Fed Expands Main Street Lending Program After ABA Advocacy
The Federal Reserve today announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses.
The Federal Reserve today announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses.
The Small Business Administration and the Treasury Department signaled today that they will promptly issue rules and guidance implementing the new Paycheck Protection Program flexibility law that was signed by President Trump on Friday.
Proactive risk management can protect banks participating in the SBA lending program.
In an follow-up interview with NPR’s Marketplace radio program today, ABA Chair Laurie Stewart discussed her bank’s experience with round two of the SBA’s Paycheck Protection Program.
The Senate tonight unanimously passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers.
While the Federal Reserve continues to support the Secured Overnight Financing Rate as the Alternative Reference Rates Committee’s preferred alternative to the London Interbank Offered Rate, Fed Chairman Jerome Powell said that Ameribor is a “fully appropriate” alternative for banks when it reflects their cost of funds.
Through the Small Business Administration’s Paycheck Protection Program, banks delivered the biggest economic rescue program in U.S. history. Luke Bernstein, EVP at Orrstown Bank in Orrstown, Pennsylvania, discusses his bank’s PPP lending.
As governors and municipal officials make decisions on reopening local economies in the wake of the coronavirus pandemic, Acting Comptroller of the Currency Brian Brooks warned them about the long-term risks of so-called lockdown orders on the financial system.
A group of House Republicans—led by Reps. Andy Barr (R-Ky.) and French Hill (R-Ark.)—wrote to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza yesterday urging them to simplify the process Paycheck Protection Program borrowers must go through to have their loans forgiven.